FAQs (data-driven)

First Time Home Buyer Mortgages

• What is a first-time home buyer loan?

  A first-time home buyer loan offers availability for up to 100% financing along with down payment and closing cost assistance.

• Who qualifies for a first-time home buyer loan?

  Each type of loan offers unique and differing benefits to achieve your goals of purchasing your first home. Qualifications are specific to the type of loan you are looking to qualify for. We recommend speaking with one of our Mortgage Loan Officer to find the best fit for your financial needs. Reach out to us at 801-786-8400 or visit our Mortgage Loan Officers for local representatives.

• What is the Utah Housing First Time Homebuyers Assistance Program?

  The program is funded by Utah Housing Corporation as a state government assistance program. Multiple loan products are offered to suit borrower’s needs. Options include zero down payment financing, down payment and closing cost assistance. For additional questions, please reach out to us at 801-786-8400 or visit a branch near you.

• Do I have to be a Utah resident for a first-time home buyer loan?

  In order to qualify for the Utah Housing First-Time Homebuyers Assistance Program, you must be a Utah resident. To qualify for additional first-time home buyer loans such as conventional, FHA, or Adjustable-Rate Mortgages (ARMs); alternate eligibilities may apply. Utah residency is not required.

• Are there income limits?

  Income requirements may apply depending on mortgage and/or program guidelines.

• How can I apply for a first time home buyer loan?

  Applying can be easy. Apply online, reach out to us for questions, or visit a branch near you. Speaking with a Mortgage Loan Officer can help understand your financial needs and goals for the important next step in your home ownership journey.

• Should I receive a pre-approval before searching for a home?

  Yes. Pre-approval allows you to determine your budget and have direct contact for additional questions regarding your financing. Pre-approval may also help strengthen your offers on your future home. Sellers are able to verify financing and have security in choosing your offer.